Wednesday, February 24, 2010

Average Apartment Price

Graph shows New York (Manhattan) average apartment prices of condos and coops. The sizes are studio (no bedroom), one bedroom, two bedrooms, three bedrooms and 4+ bedrooms.

Key points:
* Declines in median price for all apartment sizes.
* Three and four bedroom apartments saw the largest declines in median property price.
* Average apartment price declined by 3.5% for condos and 11.2% for coops.

Apartments in Manhattan are small. Well, it's relative right? Are we comparing to Tokyo and Hong Kong or to Malaysia?

It's roughly $1000 per square foot. Refer New York property price appreciation history for the graph. This means $500K gets you a 500 square feet studio apartment. Studio means no bedroom, the entry level. In Hong Kong, 500 square feet would be a two bedroom apartment. In Malaysia, perhaps the size of a dining room.

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Meet Weimin Tan

Wei Min is a Manhattan condominium buyer's broker often interviewed by top
media such as CNN, New York Times, CNBC, Wall Street Journal and NBC.

In a testament to
negotiation savvy, The New York Times opened with Wei Min's deal in
the cover story Developers Cease Condo Incentives. A foreign
buyer expert, Wei Min was interviewed by CNN in Foreigners Scooping Up
U.S. Homes. He was on CNBC, NBC's Open House TV
show and was previously the Manhattan property columnist for TheStreet.com.

Previously, Wei Min was a
banker at Citigroup responsible for a $500 million portfolio. He is a New
York Associate Broker with Rutenberg and member of REBNY's Residential Sales
Council. Wei Min graduated with an MBA from University of Illinois at Urbana-Champaign.